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Jun 30, 2023
Alnylam Q2 2023 Earnings Report
Alnylam experienced revenue growth driven by strong commercial execution and key data readouts.
Key Takeaways
Alnylam Pharmaceuticals reported a strong second quarter in 2023, with a 43% year-over-year increase in global net product revenues, reaching $306 million. This growth was primarily driven by the successful launch of AMVUTTRA and increased patient uptake of GIVLAARI and OXLUMO. The company also achieved significant R&D milestones, including submitting APOLLO-B data to the FDA and entering a global strategic collaboration with Roche for zilebesiran.
Global net product revenues reached $306 million, a 43% increase year-over-year.
ONPATTRO and AMVUTTRA global net product revenues were $91 million and $132 million, respectively, representing 46% total TTR reported year-over-year growth.
GIVLAARI and OXLUMO global net product revenues were $58 million and $24 million, respectively, representing 37% total Ultra-Rare reported year-over-year growth.
Alnylam entered into a global strategic collaboration with Roche for co-development and co-commercialization of Zilebesiran.
Alnylam
Alnylam
Alnylam Revenue by Segment
Revenue by Segment
ONPATTRO Revenue
CapyFin.comGIVLAARI Revenue
CapyFin.comAMVUTTRA Revenue
CapyFin.comOXLUMO Revenue
CapyFin.com Forward Guidance
Alnylam reiterated its full year 2023 financial guidance.
Positive Outlook
- Combined net product revenues for ONPATTRO, AMVUTTRA, GIVLAARI and OXLUMO between $1,200 million and $1,285 million
- Net Product Revenue Growth vs. 2022 at reported Fx rates between 34% to 44%
- Net Product Revenue Growth vs. 2022 at constant exchange rates between 34% to 44%
- Net revenues from collaborations and royalties between $100 million and $175 million
- Alnylam assumes U.S. sNDA approval of patisiran for ATTR amyloidosis with cardiomyopathy by the PDUFA date on October 8, 2023
Challenges Ahead
- GAAP R&D and SG&A expenses between $1,790 million and $1,885 million
- Non-GAAP R&D and SG&A expenses between $1,575 million and $1,650 million
- Excludes $215-$235 million of stock-based compensation expense from estimated GAAP R&D and SG&A expenses
- Continued investment in strategic growth
- Operating variability in collaboration with Regeneron
Revenue & Expenses
Visualization of income flow from segment revenue to net income